The ongoing all-time closing highs for Nasdaq (QQQ) left out several stocks. That bearish action is troubling. The breakdown in their share price might accelerate a sell-off as the year-end tax-loss selling season approaches.
Seagate (STX) shares doubled (+231.77%) in the last year. So, only recent investors who bought STX stock near the $1,145 high have paper losses. The stock lost 9.18% to close at $805.63. On Tuesday, Bloomberg reported that the firm is in discussions to buy TDK’s hard-drive magnetic heads unit.
A TDK acquisition is bullish for the industry. It removes a supplier, giving all storage players more pricing power. Western Digital (WDC) shares dropped by nearly 7%. SanDisk (SNDK) fell slightly, closing at $1,660. Similarly, memory firms like Micron Technology (MU) dropped by less than 2%.
Vaccine supplier Moderna (MRNA) fell, pulling back from its $212.22 high for this year. 17 State attorneys general are suing HHS Secretary Robert F. Kennedy Jr. They want to restore the childhood vaccine schedule.
The lawsuit should benefit MRNA stock. Similarly, Novavax (NVAX) and BioNTech (BNTX) have a bigger addressable market when the public is receptive to vaccines. Viruses that were once eradicated are returning in the U.S. Having more cases of measles (46 times more than in 2000) endangers children.
An increase in vaccine production would lift shares of vaccine manufacturers like Pfizer (PFE) and Merck (MRK).
